Carl Icahn and Darwin Deason, the first and third largest shareholders of Xerox Corp. (XRX), announced they have formed a group with respect to the contemplated solicitation of proxies to elect four new individuals to the board at the 2018 annual meeting of Xerox's shareholders. Carl Icahn and Darwin Deason believe, in light of the recent accounting scandal at Fuji Xerox, the joint venture should be terminated or renegotiated to make it more favorable to Xerox; and Xerox should immediately commence a process with new independent advisors to explore strategic alternatives.
Carl Icahn and Darwin Deason said they are not predisposed to approve or disapprove of any transaction that may or may not include a change of control, whether with Fuji or any other party.
"We have little faith that Xerox's "old guard" directors will listen to us, which is why real change is needed now more than ever. Jeff Jacobson is neither qualified nor capable of successfully running this company, let alone negotiating a major strategic transaction that will do more than save his own job. Stay tuned, fellow shareholders. This is just the beginning," Carl Icahn and Darwin Deason stated.
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